While buyer’s remorse when buying a Windsor house, or any house for that matter, is rare, it certainly happens. There are many reasons why a buyer all of a sudden will think twice about their decision, and some of these concerns are valid when the sense of responsibility kicks in. What I can tell you, is that at some point, every buyer sits down for a moment or two and realizes the commitment home ownership really is. For most, the worry goes away quickly, but for a small few, panic sets in and doesn’t go away.
What brings on Buyer’s remorse?
1. Family and Friends:
They mean well, but often times parents, family, co workers and friends offer advice or comments regarding your purchase. Or they may put pressure on you to buy something when you may not be ready.
First and foremost, never jump into buying anything unless you are fully committed. Clients have told their agents that they are buying a home because, “my friends tell me it’s a good idea,” or “my parent’s told me it was a good investment.” If you have any doubts, then simply tell those that you aren’t interested right now. And don’t back down.
For those people that question the home you bought, the price you paid, the location or neighbourhood, keep in mind that as long as you are happy, then that is what matters. Often times family or friends don’t know the market, or it has been a long time since they purchased a property themselves, so prices probably seen very high to them or they are unfamiliar with a specific area.
2. You still look at homes:
Once you have made an offer on a home and it has been accepted, stop looking at other homes unless you have some reason to believe that the deal may fall apart. This could mean that you aren’t certain of the appraisal, or the home inspection might show some serious and expensive repairs. But if this isn’t the case, then don’t tempt yourself with other homes that are for sale.
3. Not so great real estate agents:
The problem here is when you hire an agent that is not good about assisting their client through the buying and closing process. When questions aren’t answered, then buyers often tend to panic, especially for first time home buyers. Always remember that your agent is there to assist you and make this process as easy as possible. At any time you have a question or concern, contact your agent.
4. The “what-ifs”
Once an offer has been accepted and you have signed on the dotted line it’s easy to feel panic instead of elation. Buyers will often question and ponder all the “what ifs,” such as, “What if I lose my job?” “What if I don’t like my neighbours after all?” “What if this house is too much work for me?” Try not to dwell on the negatives, but rather focus on the positives of home ownership whenever possible.
Should you find yourself struggling with buyer’s remorse, take a deep breath and find your Wants and Needs List. This is what I encourage every buyer to write before they start searching for a home. Go over this list and see if it contains the following:
Does it include most everything on your list?
What made this house different from the others you looked at?
What made this house special?
Do you believe you could find a better house?
What has changed about this home that you didn’t notice before?
Of course, there times where your concerns are understandable and certainly valid. When any of the following happen, then you should halt buying your home and depending on your contract, you should not lose any monies:
You are unable to secure financing
The house does not appraise at the sales price.
The home inspection discovered major repairs and costs
There are other circumstances that could happen where you, as the buyer, will not be faulted if you decide to back out. Always, always, always go over your written contract and make sure your agent carefully explains when you can get your initial deposit back, and when you can’t. Have a firm understanding before you sign on the dotted line.
So while buyer’s remorse happens, it’s always a good idea that if it happens to you, take a moment and realize it so you can work through it as quickly as possible. And by all means, contact your agent. Chances are, they will understand and be eager to help you.